All Forum Posts by: Dimple Khurana

@Alexis Adams - by delaying this foreclosure for 8+ years they've been able to stay there free. they know they'll get nothing out of it for themselves. I'll look into your suggestion. 

@Tom Gimer - this property has passed through 5-6 trustees from what I can tell, and the loan is being serviced by someone other than the original bank. What's the liklihood of them taking an offer from us to acquire their interest in the property which is less than their current payoff, just to be done with it? 

I mentioned above that the house is valued at 2.5. Actually redfin and zillow disagree. Redfin says 1.9M, zillow says 2.5M. 

Can anyone recommend a good foreclosure attorney in NY, that won't break the bank? We've already potentially lost a lot here and tough to throw more good money at a potentially losing situation. 

Thanks for the quick note. I am not following 1 part. You mentioned that if it goes to foreclosure, then our lien is wiped out. Yet then you said if there's anything left above the first lien, we would be next in line for payment. Can you clarify?

Hello. I am a second lienholder on a property in Long Island, and I am looking for advice on how to navigate the situation.

The property: Original Loan Value with Chase: 1.3M. Second Lien Position: 700K. Current market value: $2.5M 

Property In foreclosure since 2009, owner has managed to pay lawyers to keep extending the proceedings since his last payment in 2009. I feel they are nearing the end of the window, and not sure what will happen to our lien position if this goes to auction. 

How do I find out the following: 1) Are there other lienholders ahead of us on the property? 2) What is the latest status of the foreclosure? 3) what is the first lienholder's current payoff amount? 4) Whom can I hire to negotiate with the first lienholder if we want to buy out the property?